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structures
or
through
trade in
the
region,
increasing
the
free
movement
borders,
reducing
of
the
trade refers
to trade which
focuses
which
reduces
the inflation and tariff barriers associated with foreign markets resulting in
growing prosperity.
Regional integration has been defined as the process through which national
states "voluntarily mingle, merge and mix with their neighbors so as to lose
the factual attributes of sovereignty while acquiring new techniques for
resolving conflicts among themselves."[1] De Lombaerde and Van Langenhove
describe it as a worldwide phenomenon of territorial systems that increases
the
interactions
between
their
components
and
creates
new
forms
the
development
governance;
of
strong public
sector institutions
and good
the
reduction
of social
exclusion and
the
development
of
an
global political structure. This new global political structure made obsolete
the classical Westphalian concept of a system of sovereign states to
conceptualise world politics.[citation
needed]
looser and the old legal definitions of the ultimate and fully autonomous
power of a nation-state are no longer meaningful.[citation
needed]
Sovereignty,
needed]
phenomena that have challenged the pre-existing global order based upon
sovereign states since the beginning of the twenty-first century. The two
processes deeply affect the stability of the Westphalian state system, thus
contributing to both disorder and a new global order.[citation needed]
Closer integration of neighbouring economies has often been seen by
governments
as
first
step
in
creating
larger
regional market for trade and investment. This is claimed to spur greater
efficiency, productivity gain andcompetitiveness, not just by lowering border
barriers, but by reducing other costs and risks of trade and investment.
Bilateral and sub-regional trading arrangements have been advocated by
that they will succeed as building blocks for progress with a growing range of
partners and towards a generally freer and open global environment for
trade and investment[citation
needed]
needed]
the old promises of regional integration and real world experience, the
demand from across global civil society for alternative forms of regional
integration has grown.[7]
Regional integration arrangements are a part and parcel of the present
global economic order and this trend is now an acknowledged future of the
Lippmann
view
about
the
rise
of
regionalism
and
regional
among those nations concerned, but the structure may vary from one
agreement to another. The removal of the trade barriers or liberalization of
many economies has had multiple impacts, in some cases increasing Gross
domestic product (GDP), but also resulting in greater global inequality,
concentration of wealth and an increasing frequency and intensity of
economic crises.
The number of agreements agreed under the rules of the GATT and the WTO
and signed in each year has dramatically increased since the 1990s. There
were 194 agreements ratified in 1999 and it contained 94 agreements form
the early 1990s.[10]
The last few years have experienced huge qualitative as well as quantitative
changes in the agreements related to the Regional Integration Scheme. The
top three major changes were:
Integration
Recognition analyses
the
aspect
that
effective
the European Union. However, in the light of the modern context, this debate
is being propounded into the clauses of different regional integration
agreements arising out of increase in international trade.[10] (EU).
formed
in
1994
when
theCanada - U.
S. Free
Trade
and
established
the European
Union.
The European
Free
Trade
Union.
In
January
1994,
the North
American
Free
Trade
the
motives
and
values
of
the World
Trade
Organization,
the International Monetary Fund and the World Bank - promoting financial
deregulation, the removal of barriers to capital and global corporations, their
owners and investors; focusing on industrialisation, boosting global trade
volumes and increasingGDP. This has been accompanied by a stark increase
in global inequality, growing environmental problems as a result of industrial
development, the displacement of formerly rural communities, everexpanding urban slums, rising unemployment and the dismantling of social
and environmental protections. Global financial deregulation has also
contributed to the increasing frequency and severity of economic crises,
while Governments have increasingly lost the sovereignty to take action to
protect and foster weakened economies, as they are held to the rules of free
tradeimplemented by the WTO and IMF.
Advocates of alternative regional integration argue strongly that the
solutions to global crises (financial, economic, environmental, climate,
energy, health, food, social, etc.) must involve regional solutions and
regional integration, since they transcend national borders and territories,
and require the cooperation of different peoples across geography. However,
they propose alternatives to the dominant forms of neoliberal integration,
which attends primarily to the needs of transnational corporations and
investors. Renowned economist, Harvard professor, former senior vice
president and chief economist of the World Bank, Joseph Stiglitz has also
argued strongly against neoliberal globalisation (see Neoliberalism). Stiglitz
argues that the deregulation, free trade, and social spending cuts or
austerity policies of neoliberal economics have actually created and
worsened global crises. In his 2002 book Globalization and Its Discontents he
explains how the industrialized economies of the US, Europe, Japan, South
Korea and Taiwan developed not with the neoliberal policies promoted in
developing countries and the global South by the WTO, IMF and World Bank,
but rather with a careful mix of protection, regulation, social support and
intervention from national governments in the market.
Crises,
Regional
Solutions
the
network
argues
that
regional
2.
3.
2.
3.
4.
Jump up^ People's Agenda for Alternative Regionalisms. "About PAAR. What is
the Initiative Peoples Agenda for Alternative Regionalisms?
5.
6.
Jump up^ Carr, E.H. The Twenty Years Crisis, 1919-1939.Macmillan, 1978: 230231.
8.
https://en.wikipedia.org/wiki/Regional_integration